June’s trade surplus of $3.9B came in better than expected, edging higher over last month…

… on the back of a weaker Canadian Peso, which saw its largest monthly drawdown since 2022 - artificially inflating imports and exports (down ~2% on a constant currency basis).

At the category level, a ~17% gain in mineral product shipments (mostly gold to the UK) drove the small rise in exports…

…. while a broad-based decline in import categories was offset by a ~12% rise in electronics…

… driven by a near-60% jump in processing units, which hit a new record thanks to the never ending appetite from data centers.

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